A high concentration ratio indicates that:
A. The industry is highly profitable
B. The industry is highly competitive
C. Many firms produce most of the output in an industry
D. Few firms produce most of the output in an industry
D. Few firms produce most of the output in an industry
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Which of the following taxes does NOT lead to a deadweight loss?
A) A proportional income tax B) A lump-sum tax C) A progressive income tax D) A proportional tax on property
In the above figure, CBL is the cost of breaking the law. If it is illegal to buy and sell, then the quantity of the good bought and sold will be
A) 100. B) 200. C) 300. D) 400.
Bill the butcher is upset because the government plans to tax beef $.10 a pound. "I hate paying taxes," he says. "Because of this, I'm raising all my beef prices by $.10 a pound. The consumers will bear this burden, not me." Do you see anything wrong with this way of thinking? Explain
To prevent cost-push inflation
A) there must not be an excess demand for money B) interest rates must not rise C) there must not be an increase in government purchases D) the Fed must not let the quantity of money rise persistently.